Admiralty Resources NL provide an update on its negotiations with Hainan Xinlei Mining Management Co Ltd. (Hainan) with respect to the binding term sheet announced on 18 June 2021 (the Term Sheet). Pursuant to the Term Sheet and as previously announced, the company is in the process of revising its existing Co-op Agreement with Hainan for the Mariposa project to be a joint venture over a royalty- based co-operation. The company and Hainan initially intended for a Joint Venture Agreement under the Term Sheet to be executed this month, however both parties have agreed to a further extension till 17 September 2021 to provide further time for negotiations to settle and for the Company to seek legal advice in Chile with respect to the structure of the agreement.